On July 13, 2023, Judge Analisa Torres issued a ruling in the United States Securities and Exchange Commission’s (SEC) case against Ripple Labs, determining that the programmatic sales of XRP did not meet the criteria for being considered a security.
Consequently, the ruling established that XRP is not classified as a security when sold on public exchanges, setting a significant precedent for the broader cryptocurrency market.
However, Ripple was found to have violated US securities laws by selling unregistered XRP to institutional investors
XRP one-week price chart. Source. Finbold
Currently, XRP is demonstrating short-term bullish momentum. The immediate targets include breaching the $0.50 mark and subsequently aiming for $1
This week, XRP reclaimed the $0.50 psychological level after experiencing an 18% rally, outperforming the broader crypto market.
Additionally, trading volume has surged by 60% in the last 24 hours, indicating heightened interest among traders.
Similarly, total XRP futures open interest has increased by more than 25% to $500 million over the same period, according to the data from Coinglass.
The crypto community is closely monitoring developments related to Ripple XRP, including updates on the Ripple v. SEC case, to gauge potential price movements of the token in response to significant developments.
It is essential for investors to conduct thorough research before making investment decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
